Turton in the news
The operators of the locally owned Blabbermouth Chocolates in Lincoln are retiring, according to a Facebook announcementon Monday. They said their lease for a space at 448 Lincoln Blvd., Suite 203, will expire June 30. “After weighing the sides we thought it was probably time to go,” the Facebook post says. Discounts begin today. Blabbermouth Chocolates sells products such as truffles, peanut brittle and chocolate bars. The business was founded in 2013 by Darlene and Gary Kramer.
VSP Global will triple the space for its innovation center with a move later this year to The Cannery in Sacramento. At 1651 Alhambra Blvd., VSP will occupy 16,200 square feet, a sizable jump from the 5,000-square-foot space it’s occupied since 2013 at 1616/1630 I St. in midtown Sacramento. “The new space in The Cannery affords more square footage, modern tooling, and discrete areas for work and large-scale meetings,” VSP Global spokesman Jon Schuller said in an email.
A building on a busy corner in midtown Sacramento has sold, in what could be the first step toward redevelopment. The new owner of 2201 J St. is considering both reuse of the existing 5,370-square-foot building and developing something else there, said Ken Turton of Turton Commercial Real Estate, a broker on the sale of the building. “You could easily put up a three-story residential building with retail,” Turton said.
A sale that closed within the last week represents another high-water mark for multifamily investment in Sacramento’s central city. Bay Area-based Woodmont Cos. acquired Q19, an apartment and retail project in midtown, for $26.8 million, according to brokers on the deal. One of those brokers, Ken Turton of Turton Commercial Real Estate, said Q19 set a per-square-foot record of $580, for a project of 68 apartments and 1,985 square feet of retail space.
One of Sacramento’s high-end coffeehouses is opening a cafe on the “S” curve on H Street in East Sacramento. The location is a former real estate and travel agency office at 4201 H St., which is being converted “to accommodate Sacramento’s premier high end coffee user,” according to a sales flyer for the building, which is being marketed by Turton Commercial Real Estate. Turton isn’t commenting on which local roaster is committed to the building. There are multiple businesses that would fit the profile described in flye
Capital Public Radio’s move into new studio space in downtown Sacramento is being assisted by a naming rights deal with Sutter Health, which will create the Sutter Health Center for Community Engagement at Cap Radio’s new headquarters. The public radio station now broadcasts from the campus of California State University Sacramento, where it is crowded into 16,000 square feet of office and studios.
An opportunity zone investor has plunked down $5.5 million to acquire a vacant property in a redeveloping part of downtown Sacramento. Bauen Fund 2018-830 LLC bought the 55,784-square-foot building at 830 K St. last Friday, according to Turton Commercial Real Estate. Ken Turton, one of four brokers on the deal, said the group bought the vacant, four-floor building specifically to take advantage of tax breaks for “opportunity zones” created under the 2017 federal tax law.
The Sacramento Regional Transit District has sold a 2.81-acre site on Arden Way to a group planning to develop affordable housing there. The properties, 880/924/936 Arden Way, sold earlier this month for a combined $821,818, according to property records. Ken Turton of Turton Commercial Real Estate, who was marketing the property on behalf of Regional Transit, said he fielded higher offers. But those offers came with concepts for the property that didn’t fit what transit agency directors hoped to see, he said.
Plans have been filed for a 33-story mixed-use tower for 301 Capitol Mall, in a project that promises to change downtown Sacramento’s skyline and fill one of its most notably empty spots. While welcoming the news, observers said the onus now is on developer CIM Group to turn the proposal into an actual project. And people who specialize in office leasing said that while the building is slated to have a sizable chunk of new Class A office space, it’s not clear if the local market is ready.
The sale earlier this month of a sizable building on a redeveloping downtown Sacramento corridor could accelerate changes in its surroundings. Bauen Fund 2018-830 LLC, which bought 830 K St. for $5.5 million, was particularly motivated by the property’s inclusion in an opportunity zone, according to brokers on the deal. Created by the 2017 federal tax law, opportunity zones are federally designated areas where buying properties or starting new businesses allows investors to avoid capital gains taxes.